Pre-tax profit for the group was 拢23.4m (2011: 拢拢29.9m) on revenue up 7% to 拢3,544.6m (2011: 拢3,313.1m).
Gross cash position was maintained at 拢601m, following debt repayment of 拢57m. Net cash improved by 拢38m to 拢321m.
The company expects little growth in managed revenue and pre-tax earnings in the current financial year but anticipates a return to growth in sales in the medium-term. Worldwide, the company鈥檚 order book stands at 拢8.2bn.
Chairman, chief executive and major shareholder聽Ray O鈥橰ourke said: 鈥淲e will continue with our policy of balance sheet conservatism to retain our covenant quality with key financial stakeholders. We remain well-positioned to respond rapidly to changing markets.鈥�
He added: 鈥淯ncertain global economic conditions are expected to continue, with sales growth remaining a challenge. Despite this trend, we are confident that 2013 will bring stronger activity, with China and the emerging nations continuing to drive their aggressive economic development plans.
鈥淲e expect major government and private-sector investment to continue in development territories in Australia, Canada and Hong Kong, where we are well-placed to generate substantial business, alongside demand from Qatar, where investment to boost international trade is increasing.鈥�
A highlight of the year for the company was completing facilities for the London Olympics. 鈥淚 was particularly gratified to successfully conclude our involvement in the delivery of the infrastructure and venues for the London 2012 Olympic and Paralympic Games,鈥� Mr O鈥橰ourke said. 鈥淏y handing over the park ahead of schedule and below budget, we showcased the collective talents of the UK construction industry on a global stage. Laing O鈥橰ourke was honoured to be involved.鈥�
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